1. Summary Information
|
|
|
Country |
|
|
Company Name |
BHAVI
INTERNATIONAL LIMITED |
Principal Name 1 |
Mr. Sukesh Mansukhlal Shah |
|
Status |
Moderate |
Principal Name 2 |
Mr. Umesh Mansukhlal Shah |
|
|
|
Registration # |
11-082456 |
|
Street Address |
209, Mewad,
Patanwala Industrial Complex, L.B.S. Marg, Ghatkopar (West), Mumbai – 400086,
|
||
|
Established Date |
27.10.1994 |
SIC Code |
-- |
|
Telephone# |
91-22-25000429/25006035/67969600 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-25005008 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
||
|
# of employees |
Not Available |
Product Name 2 |
Agro Chemicals / Pesticides |
|
Paid up capital |
Rs.8,195,000/- |
Product Name 3 |
Pharmaceuticals (Bulk
Drug) |
|
Shareholders |
Directors or
relatives of Directors – 92.00% Other top fifty shareholders –
8.00% |
Banking |
Bank of |
|
Public Limited Corp. |
No |
Business Period |
17 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B
(29) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
66,485,000 |
Current Liabilities |
25,752,000 |
|
Inventories |
28,224,000 |
Long-term Liabilities |
58,135,000
|
|
Fixed Assets |
7,572,000 |
Other Liabilities |
0 |
|
Deferred Assets |
65,000 |
Total Liabilities |
83,887,000 |
|
Invest& other Assets |
621,000 |
Retained Earnings |
10,885,000 |
|
|
|
Net Worth |
19,080,000 |
|
Total Assets |
102,967,000 |
Total Liab. & Equity |
102,967,000 |
|
Total Assets (Previous Year) |
83,856,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
83,285,000 |
Net Profit |
604,000 |
|
Sales(Previous yr) |
110,896,000 |
Net Profit(Prev.yr) |
767,000 |
MIRA
INFORM REPORT
|
Report Date : |
13.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHAVI INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
209, Mewad, Patanwala Industrial Complex, L.B.S. Marg, Ghatkopar (West),
Mumbai – 400086, Maharasahtra, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
27.10.1994 |
|
|
|
|
Com. Reg. No.: |
11-082456 |
|
|
|
|
Paid-up Capital
: |
Rs.8.195 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1994PLC082456 |
|
|
|
|
TAN No.: [Tax Deduction and
Collection Account No.] |
MUMB06224B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB1746P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer
of Chemicals and Dyes Color Additives |
|
|
|
|
No. of Employees
: |
Not Available |
RATING and COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 76000 |
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|
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office / Administrative Office : |
209, Mewad, Patanwala Industrial Complex, L.B.S. Marg, Ghatkopar
(West), Mumbai – 400086, |
|
Tel. No.: |
91-22-25000429/25006035/67969600 |
|
Fax No.: |
91-22-25005008 |
|
E-Mail : |
|
|
Website : |
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Overseas Representative : |
Bhavi U.K. Limited 210, Field end Road, Eastcote, Middlesex HA5 102, |
|
Tel. No.: |
0181-8662897 |
|
Fax No.: |
0181-58200217 |
|
Mobile No. : |
00449532700 |
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Factory 1 : |
Vapi, |
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Factory 2 : |
Tarapur, |
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Factory 3 : |
Ankleshwar, |
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Factory 4 : |
Navi Mumbai, |
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Factory 5 : |
Pune, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sukesh Mansukhlal Shah |
|
Designation : |
Director |
|
Address : |
Kirti Co-Operative Housing Society Limited, 4th Floor, |
|
Date of Birth/Age : |
09.09.1957 |
|
Date of Appointment : |
19.09.2003 |
|
DIN No.: |
01463406 |
|
|
|
|
Name : |
Mr. Umesh Mansukhlal Shah |
|
Designation : |
Director |
|
Address : |
503, New satyam Shivam Sunder, Co-Operative Housing Society Limited,
RN Narkar Marg, Ghatkopar (East), Mumbai – 400077, |
|
Date of Birth/Age : |
24.10.1961 |
|
Date of Appointment : |
23.09.2005 |
|
DIN No.: |
01373445 |
|
|
|
|
Name : |
Mr. Shailesh Mansukhlal Shah |
|
Designation : |
Director |
|
Address : |
503, Ghatkopar New Prabhat Co-Operative Housing Society Limited, Bhanushali
Lane, Ghatkopar (East), Mumbai – 400077, Maharasahtra, India. |
|
Date of Birth/Age : |
11.06.1955 |
|
Date of Appointment : |
28.09.2004 |
|
DIN No.: |
01292762 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Umesh Mansukhlal Shah, |
|
73410 |
|
Sukesh Mansukhlal Shah |
|
73510 |
|
Shailesh Mansukhlal Shah |
|
77310 |
|
Mansukhlal Bharilal Shah |
|
25510 |
|
Pravinchandra Bharilal Shah |
|
12910 |
|
Ushma Umesh Shah |
|
18400 |
|
Nita Shailesh Shah |
|
37400 |
|
Indiraben Natwarlal Shah |
|
71300 |
|
Parul Mitesh shah |
|
21000 |
|
Ashok Govinddas Mervana |
|
3000 |
|
Geeta Divyesh Shah |
|
15100 |
|
Kalpesh Koshorchandra Shah |
|
11100 |
|
Jitesh Pravinchandra Shah |
|
20410 |
|
Rajanikant Jamnadas Shah HUF |
|
4000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.9.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
92.00 |
|
Other top fifty shareholders |
8.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Chemicals and Dyes Color Additives |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
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Auditors : |
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Name : |
V V Pandya and Associates Chartered Accountant |
|
Address : |
A/103, |
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E-mail : |
|
|
PAN.: |
AEAPP5592C |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
819470 |
Equity Shares |
Rs.10/- each |
Rs.8.195
Millions |
|
|
|
|
|
Notes:
Included in above are 115000 equity shares of
Rs. 10/- each allotted as fully paid up for consideration other than cash)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.195 |
8.195 |
8.195 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves and Surplus |
10.885 |
10.087 |
9.794 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.00 |
|
|
NETWORTH |
19.080 |
18.282 |
17.989 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
57.114 |
39.519 |
31.225 |
|
|
2] Unsecured Loans |
1.021 |
3.018 |
6.285 |
|
|
TOTAL BORROWING |
58.135 |
42.537 |
37.510 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.125 |
0.000 |
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TOTAL |
77.215 |
60.944 |
55.499 |
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
7.572 |
8.317 |
9.302 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.621 |
0.261 |
0.234 |
|
|
DEFERREX TAX ASSETS |
0.065 |
0.000 |
0.349 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
28.224
|
9.515 |
10.771 |
|
|
Sundry Debtors |
48.423
|
40.468 |
38.045 |
|
|
Cash and Bank Balances |
0.698
|
1.495 |
0.742 |
|
|
Other Current Assets |
2.628
|
4.509 |
4.681 |
|
|
Loans and Advances |
14.736
|
19.291 |
17.373 |
|
Total
Current Assets |
94.709
|
75.278 |
71.612 |
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
16.308
|
15.190 |
22.608 |
|
|
Other Current Liabilities |
9.241
|
7.233 |
3.390 |
|
|
Provisions |
0.203
|
0.489 |
0.000 |
|
Total
Current Liabilities |
25.752
|
22.912 |
25.998 |
|
|
Net Current Assets |
68.957
|
52.366 |
45.614 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
77.215 |
60.944 |
55.499 |
|
PROFIT AND LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
83.285 |
110.896 |
107.791 |
|
|
|
Other Income |
2.649 |
1.987 |
2.241 |
|
|
|
TOTAL |
85.934 |
112.883 |
110.032 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
63.548 |
87.633 |
94.107 |
|
|
|
Administrative Expenses |
10.079 |
8.228 |
6.717 |
|
|
|
Selling Expenses |
5.118 |
6.873 |
3.700 |
|
|
|
TOTAL |
78.745 |
102.734 |
104.524 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7.189 |
10.149 |
5.508 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5.568 |
7.891 |
3.604 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.621 |
2.258 |
1.904 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.813 |
0.986 |
1.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.808 |
1.272 |
0.704 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.204 |
0.505 |
0.271 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
0.604 |
0.767 |
0.433 |
|
|
|
|
|
|
|
|
|
|
DEFERRED TAX
ASSET |
0.190 |
(0.474) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.029 |
0.043 |
|
|
BALANCE CARRIED
TO THE B/S |
0.794 |
0.264 |
0.390 |
|
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|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
92.761 |
77.553 |
|
|
TOTAL EARNINGS |
NA |
92.761 |
77.553 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
0.676 |
0.000 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.74 |
0.94 |
0.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.70
|
0.68 |
0.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.97
|
1.15 |
0.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.79
|
1.52 |
0.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.07 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.40
|
3.60 |
3.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.68
|
3.29 |
2.75 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year the company earned an income of Rs.85.934 Millions by way
of sales and other income (previous year Rs.112.883 Millions). After offsetting
the expenses company made Net profit after tax Rs.0.604 Millions (previous year
Rs.0.767 Millions).
FORM 8 :
|
Corporate
identity number of the company |
U51900MH1994PLC082456 |
|
Name of the
company |
BHAVI
INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
209, Mewad, Patanwala Industrial Complex, L.B.S. Marg, Ghatkopar
(West), Mumbai – 400086, |
|
This form is for |
Modification
of charge |
|
Type of charge |
Immovable
property Book debts Stocks,
outstanding, furniture and fixtures |
|
Particular of
charge holder |
Bank of Ghatkopar East
Branch, Chetan Building – A, Email Id : ghaeas@bankofbaroda.com |
|
Nature of
instrument creating charge |
Supplemental
Composite Agreement of Hypothecation of goods, book debts, movable Machinery and
Vehicles, supplemental Memorandum of entry of deposit of title deeds in
respect of advance secured by equitable mortgage of immovable properties. |
|
Date of
instrument Creating the charge |
24.06.2011 |
|
Amount secured by
the charge |
Rs.52.500 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest for cash
credit limit 6.25% over Rte of the bank per annum. Terms of Agreement As per the
Agreement Margin 40% on book debts
and 25% on stocks Extend and operation of the charge Until repayment Others As per the
Agreement |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Date of
instrument modifying the charge |
22.09.2009 |
|
Particulars of
the present modification |
Bank provided the
co with additional working capital term loan limit of Rs.15.500 Millions. Earlier
limit has been revised and present new limit stands as
|
FIXED ASSETS:
- Office
Premises
- Office
Equipment
- Lab Equipment
- Computer
- Furniture
- Motor Car
- Air
Conditioner
- Electrification
- Mobile Phone
AS PER WEBSITE
DETAILS
PROFILE:
The Bhavi Group, established in 1978, is synonymous with quality
products and services in the Chemical industry. Its philosophy has been and
will be to make available the benefits of technology to users in
As an established business house, the Bhavi Group has penetrated the fields of Chemical Conversion, Material and Indenting. Today it stands on the threshold of being named an Export House in Chemicals and allied products.
The Groups success in
traditional endeavors of Trade and Manufacture have emboldened them
to set new targets and inclucate the self reliance required to achieve them.
With this as a solid foundation, the Group looks towards the
world as Global market for export of its products and expertise. Satisfied
customers in the Far East, Europe,
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.27 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial and operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.